Russia Shifts Oil and Gas Trade to Yuan and Ruble in Major De-Dollarisation Move

Russia Moves to Replace Dollar in Oil and Gas Deals

Russia is moving to price future oil and gas exports to Europe in rubles and Chinese yuan, marking a clear shift away from the US dollar and euro. Reports in April 2026 indicate new agreements are increasingly being settled in yuan as part of efforts to reduce exposure to Western financial systems.

Strategic Aim to Bypass Sanctions and SWIFT

The policy is designed to protect transactions from sanctions and bypass global payment systems like SWIFT. It also strengthens ties with China, where over 99% of bilateral trade is already conducted in local currencies. Analysts view this as part of a broader push toward de-dollarisation in global energy markets.

Europe Plans Full Exit From Russian Energy

Meanwhile, the European Union is advancing plans to phase out Russian fossil fuels by 2027. New gas contracts were banned from January 2026, though countries like Spain, France, and Hungary continue limited imports during the transition period.